Bipartisan legislation has been introduced in both the House of Representatives and the Senate that would require annual estimates of how participants' savings would translate into monthly income in retirement.

In the House, Reps. Luke Messer, R-Indiana, Dave Reichert, R-Washington, Mark Pocan, D-Wisconsin, and Ron Kind, D-Wisconsin introduced the Lifetime Income Disclosure Act.

Sens. Chris Murphy, D-Connecticut, and Sen. Jonny Isakson, R-Georgia introduced  companion legislation in the Senate.

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Nick Thornton

Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.